Grocon To Go Ahead With Castlereagh Skyscraper

After a genesis of seven years work is finally moving forward on Grocon's latest skyscraper to stand in the Australian city of Sydney on the site of the former John Boyd Tower following the completion of an $800 million Australian financing agreement and pre-lets.

Rising to 180 metres to roof and 198 metres to the fin on the top of the tower, the 46 storey building called 163 Castlereagh Street will contain approximately 54,000 square metres of grade A office space pitched specifically at leading financial companies and a further 2,400 square metres of ground floor retail space.

The anchor tenant will be the Australia and New Zealand Banking Group who have signed up for a 15 year lease. Freehills will also be renting a significant amount of space in the tower leaving barely 20% available for other tenants - it's an impressive amount of space to be occupied in a tower that has yet to begin construction.

The deal enabling construction features Grocon being able to offload 50% of the share in the tower on completion in 2013 to the GPT Group with Grocon and LaSalle Investment Management owning 25% each.

With the construction of the tower, it will help bring about an important improvement to this particular area of the city. Nestling at the foot of the tower will be a vast colonnaded base with an adjoining public plaza that will allow Sydneyians to enjoy al fresco dining, weather permitting as well as provide pedestrian connections with the nearby Pitt Street.